A new report from SmartAsset reveals that the largest increases in financial advisor compensation are happening far from New York's Financial District.

SmartAsset's study analyzed U.S. Bureau of Labor Statistics data covering 219 cities and towns, ranking them by the percentage increase in median annual income for personal financial advisors from 2023 to 2024. The results upend conventional assumptions about where financial advice thrives, according to Financial Planning.

Spartanburg, South Carolina, secured the top spot, with a staggering 71 percent jump in median advisor income, rising from $73,940 to $126,600. Monroe, Louisiana, followed closely with a 64.3 percent increase, and Boise, Idaho, rounded out the top three with a 63.9 percent gain.

According to Financial Planning, industry observers caution that while Labor's definition of "personal financial advisor" lacks the precision of firm-level regulatory filings, it offers rare compensation data not found in registration records. This type of insight remains critical for firms navigating advisor recruitment, mergers and acquisitions, and regional growth opportunities.

Other cities making notable moves include Coeur d'Alene, Idaho, with a 58 percent increase, and Great Falls, Montana, posting a 57.7 percent jump. Even smaller markets like McAllen-Edinburg-Mission, Texas, and Brownsville-Harlingen, Texas, saw median incomes climb by 60 percent and 47 percent, respectively.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.